Document background
An Auto Loan Contract is essential for vehicle financing transactions in England and Wales, providing a comprehensive framework for both lender and borrower. This document is used when an individual or entity seeks financing for a vehicle purchase, requiring detailed documentation of the loan terms, vehicle specifications, and security arrangements. The contract must comply with strict regulatory requirements under the Consumer Credit Act 1974 and FCA regulations, including mandatory information disclosure, cooling-off periods, and consumer protections. It serves as the primary reference document throughout the loan term, governing repayment obligations, default procedures, and the lender's security interest in the vehicle.
